Final answer:
Retail analytics involving geographic information systems (GIS) and the Huff Model play a vital role in how retail analysts provide insights to store executives. Data on prices and rents is collected from various sources including visits to stores and surveys by the BLS.
Step-by-step explanation:
A retail analyst who compiles data from different sources into a single map to share with store executives is utilizing principles found in the field of geographic information systems (GIS) and business analytics.
Directions Magazine offers an overview of the use of geography in retail analytics, emphasizing how such spatial analysis can assist in area research for retail purposes.
Data collection is crucial in retail analytics and involves gathering information on prices and rents. Price data collectors visit about 23,000 stores in various urban areas across the United States, focusing on 80,000 specific products.
Similarly, the Bureau of Labor Statistics (BLS) conducts surveys of landlords and tenants to gather rental data. This comprehensive approach provides a strong foundation for making well-informed business decisions.
The Huff Model is one analytical tool mentioned that quantifies the likelihood of customers visiting a store based on distance, store appeal, and competition. Designed to be computer-friendly, the model is usually processed using GIS and spreadsheet software, which can swiftly render calculations for numerous locations, aiding in feasibility studies and marketing strategies within marketing geography.
To complement retail sales information, the Bureau of the Census conducts a business census every five years and a monthly survey of retail sales. These surveys, along with foreign trade data adjustments, furnish a thorough view of consumer goods production in the United States.
The comprehensive surveys and censuses by government bodies support the analytical efforts of retail analysts, offering insights into consumer spending patterns and potential retail opportunities.